The “Small Business, Big Hire” survey just released by Monster, indicated 89% of the small business owners identified hiring the wrong person as a risk for their company. 51% indicated it was a major risk to the company.
There were a number of interesting observations put forth by the business owners in this survey. A few of them are itemized below:
- 82% of small business owners surveyed identified their employees / talent to be the greatest asset to their company.
- Staffing vendor services excluded, on average a small business owner spends $1,872 to hire someone new, and up to four (4) months searching for the right candidate. The distressing statistic that follows indicated that more than half, 56%, settled for a candidate who was not as qualified as desired, and 62% previously made a bad hire going it alone. These statistics do not address the “cost of lost opportunity” perspective if it takes up to four months to hire someone who still may not be the right fit.
- Here is an observation that may be surprising; 9 out of 10 business owners find the hiring process time consuming, and three-fifths indicated they needed more help in finding the right person for the job. Yet ONLY 11% of the owners indicated they currently use an outside service to help fill the position.
- To dove tail on the small percentage of firms using outside help, of the almost 56% of companies who said they made bad hires when going it alone, 18% of those are not doing anything at all to correct the problem.
Monster commissioned Braun Research to conduct this survey. Braun Research sampled 639 small business owners with up to 50 full-time employees. The online survey was conducted between March 16th to March 21, 2016.
VAR Staffing welcomes the opportunity to improve your results of hiring the right person for the right job, and at the right compensation level. Call us today at (972) 996-0966.